Instagram has become one of the most popular marketing tools out there. As influencers promote all sorts of products, from clothes to makeup and even food and drink, we are never far away from being persuaded to spend spend spend.
Consumerism is everywhere and the evidence is easy to see. Consumer debt in the USA grew to an alarming $12.7trillion in the first few months of 2017 and a study by the University of Pennsylvania found that social media is putting users under constant pressure to buy and therefore to get themselves into debt in their desperation to keep up with their fellow social media users.
Spending whenever social media tells us to can be a difficult habit to overcome. But taking out loans to pay for the latest leisurewear trends or a swanky new car you really can’t afford is a slippery slope that could ruin your finances and credit score for years.
So how can you can keep your followers happy, without breaking the bank?
Stick To Your Budget
Avoid using credit to pay for things that aren’t necessary. Making a quick decision to buy something and putting it on credit to pay off later is a sure fire way to get into trouble later on. The best way to manage this habit is simply to only ever spend the money you have.
If you’re going on a night out or on a shopping trip, take out the cash you are willing to spend and leave your credit card at home. Save holiday money and change to currency as you go, again only spending the money you can afford to.
Already have credit on multiple credit cards? Start paying off as quickly as you can, consolidating your debt to avoid paying an excessive amount of interest.
You Can Still Enjoy Yourself
It’s still important to treat yourself, but it’s also important to know the difference between a real treat and mindless spending. Make a monthly or weekly budget, allotting a certain percentage of your income to spending on ‘fun’, ‘paying off debt’ and ‘saving’.
You still need to have fun and enjoy life – otherwise what’s the point in working – but finding a balance is really important!
You Don’t Have To Spend to Smile!
Find a daily treat for yourself that doesn’t cost a penny. That self-care fad online, isn’t a fad. There’s real value in taking care of yourself without feeling the need to be overly extravagant. Get into the habit of meditating, try a new craft or read your favourite book. Getting into this habit will not only help you to relax and enjoy the moment, it will also get you away from social media for a while.
Never Be Afraid of Saying No!
Remember that social media isn’t real life and often these amazing photos are posed, from months back or are covering up that person’s own problems. After all, no one’s life is perfect! So, don’t be afraid to turn down that amazing opportunity, opt out of a dubious trend and do your own thing.
Instagram trends will come and go, but a decent credit score brings with it the option of a mortgage, savings bring security for you and your family as well as being able to do fun stuff like holidays and special occasions when you have the savings to do it – without the debt hangover of spending money that isn’t your own!
See what your credit score could get you at www.moneyguru.com/credit-cards
Peace & love